Scotiabank Issues Positive Forecast for Ivanhoe Electric (TSE:IE) Stock Price

Key Points

• Scotiabank has raised its price target for Ivanhoe Electric (TSE:IE) from C$18.00 to C$22.50, maintaining an "outperform" rating.
• Ivanhoe Electric shares rose by 14.8% during trading, reaching C$23.05, significantly above its fifty-day moving average of C$14.14.
• Other analysts, including Jefferies and Raymond James, have recently issued buy ratings for the stock, contributing to an average target price of C$20.25.

Ivanhoe Electric (TSE:IE - Get Free Report) had its price target lifted by investment analysts at Scotiabank from C$18.00 to C$22.50 in a report issued on Tuesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Scotiabank's price target suggests a potential downside of 2.39% from the company's previous close.

Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group raised Ivanhoe Electric to a "strong-buy" rating in a research note on Monday, October 6th. National Bankshares set a C$18.00 price objective on Ivanhoe Electric and gave the company an "outperform" rating in a research report on Thursday, September 4th. Finally, Raymond James Financial raised shares of Ivanhoe Electric to a "moderate buy" rating in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, Ivanhoe Electric presently has an average rating of "Buy" and an average target price of C$20.25.

Ivanhoe Electric Trading Up 14.8%

Shares of IE traded up C$2.97 during trading hours on Tuesday, reaching C$23.05. 26,076 shares of the company traded hands, compared to its average volume of 10,844. The company's fifty day moving average price is C$14.14 and its two-hundred day moving average price is C$11.94. The company has a market capitalization of C$3.06 billion, a price-to-earnings ratio of -36.02 and a beta of 1.47. The company has a quick ratio of 8.83, a current ratio of 2.50 and a debt-to-equity ratio of 34.05. Ivanhoe Electric has a 12 month low of C$6.45 and a 12 month high of C$23.62.

About Ivanhoe Electric

Ivanhoe Electric Inc is a mineral project exploration and development company with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification, in particular, copper, gold, silver, nickel, cobalt, vanadium, and the platinum group metals.

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